Iovance Biotherapeutics (NASDAQ:IOVA) Reaches New 52-Week Low Following Analyst Downgrade

Iovance Biotherapeutics, Inc. (NASDAQ:IOVA)’s stock price reached a new 52-week low during trading on Saturday after Baird R W downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $1.65 and last traded at $1.75, with a volume of 112141445 shares traded. The stock had previously closed at $3.17.

Several other analysts have also recently issued reports on the company. Truist Financial reduced their price objective on Iovance Biotherapeutics from $25.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Chardan Capital reduced their price objective on Iovance Biotherapeutics from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday. Robert W. Baird dropped their target price on Iovance Biotherapeutics from $24.00 to $20.00 and set an “outperform” rating on the stock in a report on Friday, February 28th. The Goldman Sachs Group dropped their target price on Iovance Biotherapeutics from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. Finally, JMP Securities reissued a “market perform” rating on shares of Iovance Biotherapeutics in a report on Friday. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.33.

Hedge Funds Weigh In On Iovance Biotherapeutics

Several hedge funds have recently made changes to their positions in IOVA. Barclays PLC grew its holdings in shares of Iovance Biotherapeutics by 118.8% during the third quarter. Barclays PLC now owns 604,584 shares of the biotechnology company’s stock worth $5,677,000 after purchasing an additional 328,284 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Iovance Biotherapeutics by 9.2% during the third quarter. Franklin Resources Inc. now owns 100,229 shares of the biotechnology company’s stock worth $979,000 after buying an additional 8,470 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Iovance Biotherapeutics by 59.0% during the third quarter. Principal Financial Group Inc. now owns 4,033,184 shares of the biotechnology company’s stock worth $37,872,000 after buying an additional 1,496,941 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth about $12,927,000. Finally, Arkadios Wealth Advisors acquired a new stake in shares of Iovance Biotherapeutics during the fourth quarter worth about $150,000. Hedge funds and other institutional investors own 77.03% of the company’s stock.

Iovance Biotherapeutics Price Performance

The firm has a market cap of $584.38 million, a price-to-earnings ratio of -1.17 and a beta of 1.06. The firm’s 50 day moving average price is $3.36 and its two-hundred day moving average price is $6.07.

Iovance Biotherapeutics (NASDAQ:IOVA) last announced its earnings results on Thursday, May 8th. The biotechnology company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.11). The business had revenue of $49.32 million for the quarter, compared to analyst estimates of $83.40 million. Iovance Biotherapeutics had a negative return on equity of 58.43% and a negative net margin of 451.25%. Iovance Biotherapeutics’s quarterly revenue was up 6795.1% on a year-over-year basis. During the same quarter last year, the company posted ($0.42) EPS. On average, analysts anticipate that Iovance Biotherapeutics, Inc. will post -1.24 earnings per share for the current year.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.